June 19, 2024
Tetrabromobisphenol A Market

Tetrabromobisphenol A Market is estimated to Witness High Growth Owing To Growing Demand

The Tetrabromobisphenol A Market is estimated to be valued at US$ 1,277.35 Mn in 2022 and is expected to exhibit a CAGR of 5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Tetrabromobisphenol A or TBBPA is a brominated flame retardant that is widely used as an additive in printed circuit boards, wire insulation, carpeting, and textiles. It acts as a reactive flame retardant by chemically modifying the structure of plastics and resins and making them more heat resistant. Due to its effectiveness and compatibility with various polymers, the demand for TBBPA is rising in the electrical and electronics industry for improving safety.

Market key trends:

The growing electrical and electronics industry is a major factor fueling the demand for TBBPA. According to estimates, the revenue generated from electronics manufacturing is expected to grow at a rate of 5% during 2023-2030. With rapid urbanization and digitalization trends, the demand for consumer electronics such as smartphones, computers, and home appliances is increasing rapidly. Moreover, emerging technologies such as artificial intelligence and 5G are also leading to new product development, which requires effective flame retardant materials like TBBPA for safety compliance. Thus, the rise in electronics production is driving the tetrabromobisphenol A market growth significantly.

Porter’s Analysis:

  • Threat of new entrants: Low barriers to entry in the Tetrabromobisphenol A market as production technology is well established. However, capital requirements are moderately high and economies of scale give incumbents an advantage.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, switching costs are low for buyers if suppliers try to raise prices unilaterally.
  • Bargaining power of suppliers: Large global suppliers have strong bargaining power over buyers as production requires specific technical expertise and feedstock supply sources are concentrated.
  • Threat of new substitutes: Substitutes such as brominated epoxy resins or phosphorus-based flame retardants pose a threat; however, Tetrabromobisphenol A still dominates as a cost-effective flame retardant with high functionality.
  • Competitive rivalry: Intense due to large incumbent players competing for market share.

SWOT Analysis:

  • Strengths: Well established production process and end-use applications. Cost-effective flame retardant with high functionality.
  • Weaknesses: Potential health and environmental concerns regarding toxicity. Stringent regulations around the globe.
  • Opportunities: Growing demand for flame retardants from end-use industries like electronics and construction. Regionally expanding construction industries offer scope.
  • Threats: Increasing preference for substitutes. Tightening of environmental norms around the world.

Key Takeaways:

The Global Tetrabromobisphenol A Market Demand is expected to witness high growth, exhibiting CAGR of 5% over the forecast period, due to increasing demand for flame retardants from industries like electronics and construction which is driven by rapid industrialization and urbanization.

Regionally, Asia Pacific dominates the Tetrabromobisphenol A market currently and is expected to continue its dominance over the forecast period. This is attributed to robust growth of industries like electronics and construction in countries such as China, India, Indonesia and Vietnam.

Key players operating in the Tetrabromobisphenol A market are Albemarle Corporation, Greenchemicals S.r.l., ICL, Jordan Bromine Company, Kingboard Holdings Limited, LANXESS, Novel Chem, Shandong Brother Sci. & Tech. Co., Ltd., Shandong Futong Chemical Co., Ltd. and Tianjin Changlu Hangu Saltern Co., Ltd. These players are focused on geographical expansion and development of application-specific grades to consolidate their position in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it